ENGlobal Q1 revenue down 51% YoY to $6.5M; net loss narrows to $1.4M

ENGLOBAL CORP

Net loss of $1.4M ($0.27 per diluted share) vs loss of $6.3M ($1.33) a year ago.
Revenue $6.5M, down from $13.2M; gross profit improved to $464K from ($1.8M).
SG&A expense reduced to $2.0M from $4.4M; billable resource utilization above 80%.
Backlog $10.8M; booked $5.7M in new business in Q1.
CEO cites ongoing restructuring, path to profitability, and potential strategic partner discussions.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

ENGLOBAL CORP reported the three-months ended March 30, 2024 results: revenue $6.5 million, net income Net loss in the quarter was $1.4 million, EPS $0.27 per fully diluted share.

Period: the three-months ended March 30, 2024
Revenue: $6.5 million
Net income: Net loss in the quarter was $1.4 million
EPS: $0.27 per fully diluted share
Result: reported results

Exact text from the filing

are on a path to profitability through improved operating efficiencies and a commitment to enhanced project execution.” Revenues for the three months ended March 30, 2024 were $6.5 million compared to $13.2 million for the same period in 2023. Net loss in the quarter was $1.4 million, compared to a net loss of $6.3 million in the same quarter a year ago. ENGlobal

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Source: SEC EDGAR

accession 0001654954-24-005807

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